Automotive Collision Repair Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Automotive Collision Repair Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, September 16, 2024 /EINPresswire.com/ -- The automotive collision repair market has experienced robust growth in recent years, expanding from $202.76 billion in 2023 to $210.85 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to increasing number of vehicles on the road, rising number of accidents, growing demand for vehicle customization, advancements in technology leading to more complex vehicles, increasing disposable income and willingness to spend on vehicle repairs.
What Is The Estimated Market Size Of The Global Automotive Collision Repair Market And Its Annual Growth Rate?
The automotive collision repair market is projected to continue its strong growth, reaching $254.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing adoption of advanced driver assistance systems (ADAS), rising demand for lightweight materials in vehicle manufacturing, growing popularity of ride-sharing services, increasing focus on vehicle safety and regulations.
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Growth Driver Of The Automotive Collision Repair Market
The rise in the number of subscriptions to automobile insurance is expected to propel the automotive collision repair market going forward. Automobile insurance refers to motor insurance that provides cover for loss or damage to the insured person’s vehicle such as cars, two-wheelers, or any other commercial vehicles. The rise in the number of subscriptions to automobile insurance compels automotive collision repair companies to come up with better services and products for their customers.
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Which Market Players Are Steering The Automotive Collision Repair Market Growth?
Key players in the automotive collision repair market include 3M Company, Automotive Technology Products LLC, Denso Corporation, Faurecia India Private Limited, International Automotive Components Group LLC.
What Are The Key Trends That Influence Automotive Collision Repair Market Size?
The utilization of 3D printing technology is a key trend in the automotive collision repair market. Many companies operating in the automotive collision repair market are using 3D printing tools and solutions to sustain their position in the market and to provide the best services for their customers.
How Is The Global Automotive Collision Repair Market Segmented?
1) By Product: Crash Parts, Paints and Coatings, Adhesives and Sealants, Abrasives, Finishing Compounds, Other Products
2) By Service Channel: DIY, DIFM, OE
3) By Automotive Component Shop: Authorized Repair Shops, Independent Garage
4) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles
Geographical Insights: Western Europe Leading The Automotive Collision Repair Market
Western Europe was the largest region in the automotive collision repair market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive collision repair market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Collision Repair Market Definition
Automotive collision repair refers to the process when a trained automotive technician fixes damages in cars and other vehicles that are caused by accidents, weather, and other incidents. Collision repair includes the removal of dents, scratches, and replacement of glass, paint, and others. The automotive collision repair is used for fixing the damaged parts and bodies of cars and other vehicles.
Automotive Collision Repair Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive collision repair market report covering trends, opportunities, strategies, and more
The Automotive Collision Repair Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive collision repair market size, automotive collision repair market drivers and trends, automotive collision repair market major players, automotive collision repair competitors' revenues, automotive collision repair market positioning, and automotive collision repair market growth across geographies. The automotive collision repair market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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